The Wage Differential Between a Safe and Risky Job Is

question 7

Multiple Choice

The wage differential between a safe and risky job is $5,000.Which of the following is not true?

• A)The marginal worker is indifferent between working the safe or risky job.
• B)All but the marginal worker in safe jobs require a wage differential above $5,000 to accept a risky job.
• C)All but the marginal worker in the risky job require a wage differential below $5,000 to be indifferent between safe and risky jobs.
• D)The per-worker cost for any firm to change technologies to offer safe jobs in place of risky jobs is $5,000.
• E)The average per worker cost of offering safe jobs exceeds $5,000 at the risky firms.

Explain the paradox of value, also known as the diamond-water paradox.

Analyze the effects of external information (e.g., calorie counts) on consumer behavior.

Understand the budget constraints faced by consumers and how they affect consumption choices.

Explain the influence of changes in market conditions on consumer demand and utility.

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